Millions of retirees would struggle to live without Social Security, as the majority of older adults rely on their benefits to make ends meet. Sixty percent of current retirees say they depend on Social Security as a major source of income, a 2024 poll from Gallup found, while an additional 28% say it’s a minor income source. A separate survey from the Nationwide Retirement Institute also found that roughly 1 in 5 U.S. adults have no other retirement income outside their benefits.

Whether you’re nearing retirement age or still have years to go, preparing as much as you can now will help you make the most of Social Security later. There’s one simple move that everybody, regardless of age, should make right now.

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It takes five minutes but can transform your retirement

No matter where you are in your retirement planning journey, one of the simplest and most important moves you can make is to check your estimated benefit amount.

Once you qualify for retirement benefits (typically after 10 full years of work), you’ll begin receiving estimates of your future payment, based on your real earnings history. To see your estimate, create or log in to your mySocialSecurity account online. From there, you can check your benefit statements.

The basic benefit amount shown on your statement will be the amount you’re set to receive at your full retirement age (FRA) — which is between ages 66 and 67, depending on your birth year. But you should also see an estimate of how your benefit will differ if you file before or after your FRA.

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Knowing how much you’re expected to receive in benefits is critical, as it will determine how much of your retirement income will need to come from other sources, like savings.

Keep in mind, too, that your benefit can change over time — especially if your income shifts substantially between now and retirement. By getting into the habit of checking your estimated benefit regularly, you can more accurately plan your financial future.

How reliable is Social Security, really?

Knowing your future benefit is only helpful if the program is still afloat by the time you retire. Nearly half of nonretired adults believe Social Security won’t be able to pay them a benefit in the future, according to a 2023 poll from Gallup.

Right now, Social Security’s most pressing problem is its cash shortage. The program has been paying out more in benefits than it’s receiving in income, leading to a deficit. To bridge the gap and avoid cuts for now, the Social Security Administration has tapped its trust funds — but that money is set to run out by 2035.

Ideally, lawmakers will come up with a solution before 2035 to avoid depleting the trust funds entirely. However, even if those funds run out, there will still be enough income from payroll taxes and other sources to continue funding around 83% of scheduled benefits, according to the Social Security Administration Board of Trustees’ latest estimates.

Anything can happen between now and 2035, so it’s unclear what Social Security will look like in the coming years. But even if the trust funds run dry, the program isn’t going bankrupt.

That said, it can still be a good idea to start planning for benefit cuts — just in case. The more you can stash away in personal savings, the less of an impact Social Security turbulence will have on your retirement.

Social Security is a key player in most people’s retirements, and knowing what your future benefit might look like can make it far easier to prepare. By checking your estimate regularly, you can set yourself up for a more financially secure retirement.

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